Good morning. My name is Brian and I will be your conference operator today. At this time, I would like to welcome everyone to the Ampco-Pittsburgh Corporation’s 2015 Earnings call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you. I would now like to turn the event over to Masha Trainor, Vice President General Counsel and Secretary.

Thanks Brian. Good morning everyone and welcome to our earnings call for the second quarter of 2015. My name is Masha Trainor and I'm the Vice President General Counsel and Secretary of Ampco-Pittsburgh Corporation. With me today are John Stanik our Chief Executive Officer; and Dee Ann Johnson, Chief Financial Officer; Rhodes Hoover, President and Chief Administrative Officer and also Present is our Chairman, Robert Paul. Before we begin, I need to read the following Safe Harbor Statement regarding forward-looking information. Statements or comments made on this conference call may be forward-looking statement and may include financial projections or other statements of Corporation’s plans, objectives, expectations, or intention. These matters involve certain risks and uncertainties many of which are outside of the Corporation’s control. The Corporation’s actual results may differ significantly from those projected or suggested in any forward-looking statement due to a variety of factors including those discussed in the Corporation’s most recently filed Form 10-K and subsequent filings with the Securities and Exchange Commission. We do not undertake any obligations to update or otherwise release publicly any revision to our forward-looking statements. I will now turn the call over to our Chief Financial Officer Dee Ann Johnson.

Thank you, Masha. Good morning everyone. Sales for the second quarter of 2015 were $60 million versus $69.9 million for the second quarter of 2014, a decrease of $9.9 million or 14.2%. The decrease is primarily attributable to our Forged and Cast Engineered Products group. Gross profit as a percentage of net sales was 19.6% for the second quarter of 2015 versus 20.8% for the second quarter of 2014. Selling and administrative expenses were $9.2 million for the second quarter of 2015 in comparison to $9.5 million for the second quarter of 2014, a decrease of $300,000 or 3.1%. Other expect fluctuated primarily as a result of changes in foreign exchange gains and losses. For the second quarter of 2015 gains on foreign exchange transactions approximated $175,000 and resulted principally from the rebound in the value of the euro against the U.S. dollar during the quarter. Second quarter of 2014 incurred foreign exchange losses of approximately $26,000. As of June 30, 2015 our estimated annual effective income tax rate is expected to approximate 37.6% compared to 33.7% for 2014. The increase is primarily due to lower beneficial permanent differences. In summary, the corporate incurred a net loss for the quarter of approximately $520,000 or $0.05 per common share versus net income of $1,121,000 or $0.11 per common share for the second quarter of 2014. From a segment perspective, sales for our Forged and Cast Engineered Products segment decreased approximately $7,900,000 or roughly 17% for the second quarter of 2015 compared to the second quarter of 2014. The decrease is primarily attributable to a lower volume of traditional roll shipments offset by a slight increase of other forging products. An operating loss was incurred for the quarter due to the lower volume of shipment and under recovery of cost resulting from…

Thank you Dee Ann. Our second quarter results were disappointing, we continue to suffer from depressed market conditions in our main customer based, the Western Steel Industry. However, I’m excited about the progress or corporation may during the quarter as we move closure to the revitalizing Ampco-Pittsburgh and turning around our financial performance. I’ll talk more about these achievements later in my presentation. But first let me add some color to the second quarter results. Summarizing our Air and Liquid Processing segment revenue was down approximately 8% year-over-year and Forged and Cast Engineered Products division formally called UES was down 17%. The revenue shortfall was the reason for the poor results especially UES is decreased, it’s very simple. For Air and Liquid Processing the revenue reduction was primarily due to the Aerofin division and the Buffalo Air division. Aerofin is loss sales this year fiscal its Coal fired Power Plant Market segment as low investment has being made in that industry and also from each industrial market. Buffalo Air revenue results were somewhat misleading as there was what I refer to months-to-months variation and shipments that some delayed into the third quarter. I am happy to report that Buffalo Air had a slightly profitable quarter in Q2 and has booked to business that will fill our shop through the end of 2015. The Buffalo Air group has worked very hard at reducing their costs and improving performance. Overall, the Air and Liquid Processing segment improved operating income for the quarter year-over-year by more than 10% despite an 8% reduction in sales. The lack of UES shipments provided the most negative impact on the quarter. With revenue down 17% year-over-year, our cost reduction efforts and efficiency improvements just couldn’t offset the shortfall. And the loss of manufacturing utilization resulted in poor…

Before we take the first question I would like to clarify our response to a question that was posed during the first quarter conference call regarding the curtailment of our U.S. defined benefit pension plan. Moving forward, assuming no changes in actuarial assumptions, we expect the net savings in future pension expense approximately $1.5 million to $2 million.

Okay. Brian, we will now take questions.

Just want to make one short closing remark. It’s very frustrating to watch a company work so hard and improving creating an excepting change and not see those efforts result and a quicker improvement to company performance. But delay is an evadable especially when facing difficult market conditions. And we have to understand this is where we are right now. I believe all our efforts are helping to establish a positive culture at the Ampco-Pittsburgh, which will make more improvements in the future and most importantly develop and implement this strategic plan that leads us to prosperity. That’s why I feel so much more excited and optimistic today than I was on my first day seven months ago. Thank you.

Ladies and gentlemen this concludes today’s conference call. You may now disconnect.